Pharmaceutical companies are announcing their plans to seek emergency use authorization from the FDA today, and hope to begin distributing the COVID-19 vaccine as early as next month.

Pfizer and Biontech say they expect to produce up to 50 million doses of the vaccine by the end of this year which could be used by those in the most high risk categories. They say they're ready to get the vaccine out within hours of authorization.

The development comes just days after the companies announced their COVID-19 vaccine is 95% effective with no serious safety concerns observed as of Friday.

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Along with their submission to the FDA in the U.S., the companies are also submitting applications across the globe.

The companies say that by the end of next year, they expect to produce more than a billion doses of the vaccine for global use.

As they wait for potential authorization from the FDA, the companies say they will continue working with governments and health organizations around the world that will distribute the vaccine, if approved, to ensure it can reach those most in need as quickly as possible.